SEC Charges Shopin ICO Founder Eran Eyal with Selling $42.5 Million of Unregistered Securities

Published: December 12, 2019 | by Bitcoin Press News Team

The US Securities and Exchange Commission (SEC) has charged Shopin founder Eran Eyal with violating antifraud and registration provisions of federal securities laws in an ICO (initial coin offering) sale.

The SEC says Eyal raised $42 million USD selling Shopin tokens, or digital securities, to investors from August 2017 to April 2018 but, “never created a functional platform.”

The project was sold as a system for tracking shopper’s behavioural data on blockchain, the SEC writes: “Shopin aimed to use the funds from the sales of the Shopin Tokens to create universal shopper profiles, maintained on the blockchain, that would track customer […]